Regina sees 7.4% increase in monthly parking rates

Monthly rates for parking in Regina have increased 7.4 per cent in the past year, more than double the three per cent increase in Saskatoon, according to a parking survey by ICR Commercial Real Estate.

Monthly rates for parking in Regina have increased 7.4 per cent in the past year, more than double the three per cent increase in Saskatoon, according to a parking survey by ICR Commercial Real Estate.

However, Regina rates are simply catching up with Saskatoon’s, as both cities charge roughly the same for monthly parking downtown – an average of $188 per month, the report said Tuesday.

“There was a considerable increase this year,” said Alvaro Campos, ICR’s market analyst, who is based in Saskatoon. “In some aspects, Regina’s parking rates are little higher (than Saskatoon’s), such as underground parking.”

Except for “one anomaly” at $400 a month, the median price for underground parking in Saskatoon was $230, while Regina’s median underground parking rate was $270 a month, Campos said.

Another difference between the two cities is surface parking rates, which tend to be a little cheaper in Saskatoon with a median price of $150 per month, versus $155 in Regina, while surface parking spaces with a plug-in have a median price of $180 in Saskatoon and $205 in Regina.

Campos added the Regina parking increases “were across the board,” ranging from $5 to $20 per month. While $5 a month may not seem like a lot of money, the increases amounted to $60 to $240 per year for some consumers, he said.

Downtown parking rates will continue to increase in the coming years, but probably by two or three per cent per year.

Furthermore, both cities are expected to see healthy population growth over the coming years, which will exacerbate the parking shortage as the gap between supply and demand spreads, Campos said.

As demand continues to outweigh supply, monthly parking rates will continue their upward trajectory. “For the most part, both cities are very similar. Both have similar economies and similar growth,” Campos said. “A lot of the influences (that drive parking rates) that have occurred in Saskatoon are very similar to Regina.”

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